JAKARTA -- Intudo Ventures, a venture capital company investing exclusively in Indonesian homegrown startups, on Wednesday announced the closing of its latest fundraising at $115 million.
The Intudo Ventures Fund III was oversubscribed and the money was raised in less than three months, even amid the coronavirus pandemic, with founding partner Eddy Chan attributing the interest partially to the successful market debut of e-commerce company Bukalapak on the Indonesia Stock Exchange last month. Bukalapak became the first Indonesian unicorn -- a startup valued at more than $1 billion -- to list on the IDX.
"The Bukalapak IPO has gained the attention of global investors, who are now watching the market for other opportunities in Indonesia," Chan told Nikkei Asia. "We are seeing immense interest in growth equity opportunities from global investors, both within our portfolio and the greater ecosystem."
Intudo said limited partners for its latest fund included Black Kite Capital, the family office of prominent Singaporean businessman Koh Boon Hwee; Wasson Enterprises, the family office of former Walgreens CEO Gregory Wasson; and PIDC, the investment arm of Taiwan-based international food conglomerate Uni-President Enterprises.
The fund also has drawn commitments from more than 30 Indonesian family offices, as well as some institutions and funds from the U.S. and Europe.
The latest close brings Intudo's total assets under management to approximately $200 million, according to the company.
Intudo said in a news release that it would continue to exclusively invest in Indonesian startups -- including "non-consensus" ones in sectors such as agriculture, business-to-business and enterprise, finance and insurance, education, health and wellness, logistics, and new retail and entertainment.
Initial disbursements of up to $10 million will be given to "moat-driven businesses that leverage advantages with respect to commercial distribution, regulatory, and deep technology specialization," the fund said.
"What may be non-consensus or overlooked today will likely create new company categories and industry leaders -- and we see that already in our portfolio," Intudo said.
Intudo's investment portfolio includes telemedicine platform Halodoc, online insurance marketplace PasarPolis and agritech startup TaniHub. During the pandemic, it has made new seed and early-stage investments in data management platform Delman, in Wahyoo, which enables informal eateries to digitize and automate, and in education management company Gredu.
Founded in 2017, Intudo said it decided on an Indonesia-only approach because "any successful venture-backed business in Southeast Asia must eventually go through" the region's largest economy "to be relevant."
The company runs offices in Jakarta and Silicon Valley in California, from which it has been courting Indonesian talent working in the U.S. or studying at top business schools in the country to return to their homeland -- either to establish their own startups or join fast-growing ones.